2020年CFA考试《CFA一级》考试共240题，分为单选题。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、A company which prepares its financial statements using IFRS wrote down its inventory value by €20,000 in 2009. In 2010, prices increased and the same inventory was worth €30,000 more than its value at the end of 2009. Which of the following statements is most accurate? In 2010, the company’s cost of sales:【单选题】

A.was unaffected.

B.decreased by €20,000.

C.decreased by €30,000.

正确答案:B

答案解析:"Inventories,” Michael A. Broihahn, CFA
2011 Modular Level 1, Vol.3, pp.386-388
Study Session: 9-36-f
Discuss the measurement of inventory at the lower of cost and net realisable value.
Under IFRS, the recovery of previous write-down is limited to the amount of the original write-down (€20,000) and is reported as a decrease in the cost of sales.

2、A U.S. pulp brokerage firm which prepares its financial statements according to U.S. GAAP and
uses a periodic inventory system had the following transactions during the year:

The cost of sales (in ‘000s) is closest to:【单选题】

A.$3,850 using FIFO.

B.$4,080 using LIFO.

C.$5,890 using weighted average.

正确答案:A

答案解析:"Inventories,” Michael A. Broihahn, CFA
2011 Modular Level I, Vol.3, pp.382-386
Study Session: 9-36-c, e
Calculate cost of sales and ending inventory using different inventory valuation methods and explain the impact of the inventory valuation method choice on gross profit.
Compare and contrast cost of sales, ending inventory, and gross profit using different inventory valuation methods.
FIFO cost of sales is $3,850 as per the table.

3、As CFA members, when they dealing with the investment service for his or herclients and employer, which of the following statements is most accurateaccording to the Standards of Professional Conduct relating to loyalty, prudenceand care?【单选题】

A.CFA members must place their clients ’ and employers ’ interests beforetheir own clients' interests.

B.CFA members must place their employers' interests before their own interests.

C.CFA members must place their clients' interests before their employers'or their own interests.

正确答案:C

答案解析:关于对客户忠诚、谨慎投资和合理注意(Loyalty, Prudence and Care)的专业行为标准中规定：“会员和考生对于其客户有忠诚的责任，并且必须履行合理的注意和执行谨慎的判断。会员和考生必须要以客户的利益行事，并且把客户的利益放在他们的雇主或他们自身的利益之前。”

4、Last year, a portfolio manager earned a return of 12%. The portfolio’s beta was 1.5. For the same period, the market return was 7.5% and the average risk-free rate was 2.7%. Jensen’s alpha for this portfolio is closest to:【单选题】

A.0.75%.

B.2.10%.

C.4.50%.

正确答案:B

答案解析:“Portfolio Risk and Return Part II,” Vijay Singal
2012 Modular Level I, Vol. 4, pp. 429–432
Study Session 12-45-h
Describe and demonstrate applications of the CAPM and the SML.
B is correct. Jensen’s alpha = 0.12 – [0.027 + 1.5(0.075 – 0.027)] = .021 or 2.10%.

5、Which of the following is least likely a requirement of the GIPS standards? Firms are required to:【单选题】

A.have their performance records verified by an independent third party.

B.present a minimum of five years of annual investment performance compliant with the GIPS standards.

C.include all discretionary, fee-paying portfolios in at least one composite.

正确答案:A

答案解析:It is a recommendation but not a requirement that firms obtain independent third-party verification to claim GIPS compliance. Firms are required to include all discretionary, fee-paying portfolios in at least one composite. They must also present a minimum of five years of annual investment performance compliant with the GIPS standards. 2014 CFA Level I "Global Investment Performance Standards (GIPS)," CFA Institute GIPS Standards